tv Cashin In FOX News June 30, 2012 8:30am-9:00am PDT
dividend and good way to pay verizon wireless. >> thank you gang. that's it for forand have a great 4th of july holiday. it continues with cheril casone and cashin in. america should say oi. parus testimonying the u.s. to hike taxes on wealthy americans to fux our economy. is france any shape to give advice on our economy? >> we have wayne and johnathon and tracey and christian dorsey. and johnathon. you say economic lecture from european nature is on on
>> cheril, who pays for the europeans to lecture us that americans need to pay more taxes. we send pene pones 84 million and it is a sanction of the victim. we are funding anticapitalist who advocate force. taxes are force it is government taking your productive effort and redistributing. q. it is imploded europe with the big spending and unless we reverse course, it will do the same thing. >> i don't know. should we take advice with the pene pone economicist when they have so much debt versus the gdp >> here in america we say people who live in glass houses shouldn't throw stones. raising taxes is not going to help anything. we need to change spending habits. and we need to change the
notion that we are on the government dole. and hear that they should collect our money, it shouldn't surprise. america needs to focus on america d. and we are losing our status. >> utly and spain are paying 40 percent in income taxes and same time christian. they have high unemploymen do we ignore the report and do our own thing and go our own way. >> let's not focus on the message but focus on the message. we need to raise revenues in the country and the place to start is ultrahigh earners consider 2001 and 2003 tax cuts. cut taxes for the top one percent three times more than the remaining 99 percent. if you restore fairness.
you create rom to redouse the deficit and make america strong are. don't forus it came on a pene pone report. >> and a couple of things here. wayne rogers first of all half americans don't pay income tax at all. if you crunch the numbers. count rows in europe who are looking to us to bail them out. do we do our own thing and tackle it in our own way? >> credible ecron mist. there is noutch such thing. he predict the future by looking in the rear view mirror. ine in our count row, they are quaza morons. >> except for christian dorsey. >> i don't think of christian as a pure economist. i think of him as a
commentator and someone who is bright. he is looking at all kinds of things. in any case, let answer the questions if i may. it is not a question of them lecturing or we lecture them. we are all looking at a world economy and recognizing that we are not independent, but inner-dependent. if we spend to much we'll go in the toilet like they d. >> we agree on what we agreed on before. what about what they are saying? do you think it would help the u.s. economy if we raise taxes and take away the mortgage interest deductions. would that help the country. >> no, you absolutely not. you will not see prosperity in the country. you will not see it globally either. france and awe of the european
countries nodes the united states to surverify. ohm way we can do that is by cutting taxes. you heard it with the supreme court. and you cannot raise taxes in this count row and expect good things to happen. >> that's a good point that is made about the u.s. economy. we have a lot of issues. and would raising taxes help those? >> cheril. as much as wayne can't stand the economist. if i have money in my pocket, i go to spepped it unfortunate low, i spend it on stuff made oaf seas. and they are telling us to be -- tighter are screwing ourselves. are tracey go back before that. where does wealth come from. does it come from force or freedom. if you think it comes from force. advocate more taxs and more.
and the safety net is falling apart. gleeseand spain dibatics can't get their insulin. you advocate less taxes and apples of the world and innovation. >> you know, that was the same rationale we used in 2001 and 2003, and unfortunately we have a record and evidence of what happened when those tax cuts were enacted. we saw lower revenues and higher deficits and fewer jobs. thon tax cut. if you want growth and prosperity. >> it is the spending thracreated just as it is in europe. they have higher taxes as wehave here. you have a wealth creation member.
thos what taxes do. >> what do you think of this wayne? >> we have groth in the count row and it is not much. how do we did it. >> i think the following and a witness here. can headlighty americans may a a higher tax. why would you advocate that. temperature it is bargain. >> i am going to get a condition session from the other side that said we will refuseduce spending i want do that in a heart beat. just say no taxation is just as dumb as saying we will not cut anything. you will have to accommodate both sides. >> i think he's talking about
selective taxation and the economist report we are talking about today said to go after the top one percent. >> you can't do this. take a page out of the governor walker's book in wisconsin. i will give you a 25 percent tax cut if you do this. and he's bringing more citizens in wiswith us. it is prosperous and great. and everyone of the states should follow the same page and also around the world. >> great discussion. and thank you. >> and role foir works could be the cost of the your holiday queue queue. ask how it is taking a boit. >> uncle sams shelling out lons. [music]
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>> there is something that might make you explode. fire works in the grocery store. american families will shell out five and half percent more to pay for this year's queue queue. this is not only a bummer for queue queue. >> that's right. it is going to take a bite out of the economic recovery. you take dollars out of a person's wallet to put food on the family table they can't spend it on other things. think of the apliiances and homes and cars and things that will boost the economy. we have on wonder what the rip off affect will be. it is true if it helps the
economic recovery. >> i am going to show you something. that is a head of lettuce and that is loaded in salin ascalifornia. that cost six or seven. it doubled in price it is not the product and not the head of lettuce. it is the cost of the transportation and foul. when you look at food prices. look at transportation costs. the ohm thing that brings that down is competition. >> even beer is going up in may of 2011 and 12. are you squared? >> frarchingly, i can afford it. -frankly, i can afford it but it hurts the working man. 7 percent cost of chips makes a big defense to wayne's market free market reduces
prices. government raises prices. you can see it in the entire economy. it raises the costs of everything for everybody. >> economic question to you christian. working poor and working families that frankly depend on a certain amount of money for the grocery bill are getting hit. >> they are and it is destructive and it is a big issue given the fact that they have stagnant wages and incomes x. it is not just transportation costs it is the weather that is causing devastation to corn and wheat crops and an ever-growing planet and not an ever-growing supply of food. they are factors to deal with. ask it is going to call for a serious revolution in this count row . >> and christian is right. the weather has a lot to do with it. flour up six percent.
you can't bake bread if you want tompt it is expensive. a lot of families feel like the government are ignoring us. it makes you foal worse about it i know everything goes up when i go to the fod store. >> that's the point she is making. think of the fed. every time unflation is fine and don't worry about it ask when it does come they will blame the speculator it is and business men. if government used pre1980ical culaution inflation would be 9 percent than the minis cule amount that the government tells us now. christian, i know you advocate getting rid of the first.
>> >> what are you talk being. >> you talked about restricting freedom of speech. in argen tina and they are arresting people for publishing inflation statistics that don't agree with the government numbers. >> christian? >> i think that tracey is spot o. inflation is not about what government statistics say they are. they look at a basket of goods and averages an economy wide. but inflation is personal. if things are going up inflation is real fur. gas prices don't mean a heck of a lot in new york city. but food prices do mean a lot. >> especially when a lot of families are staying home this 4th of july. holiday falls in the middle of the week and the consumer is not back. >> you got that right. we are taking on more debt. first time in three years, americans owe more to
creditors than what they are bringing in for economic. this is a change in what we have seen. so many people are trying to pay off the debt and now they can't. you have to wonder why ther further in debt. >> and wayne, does inflation get better or worse? >> i think that inflation. look. the fed has decided they are going to keep it down and they are going to flood the economy with more paper money and the treasury is going to do inflation is not going to show up. it blatitanta and burstous. >> great discussion and well coming up. >> it is only cheating if you get caught. tax cheats getting government backed loans and home buyer tax credits thanks to the stimulus bill. let's say you need to take care of legal matters. wouldn't it be nice if there was an easier,
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>> hello, everybody. i am uma in washington. 7 people are confirmed dead after extreme storms barrel through parts of the mud west air force are bracing. and amtrak services are suspend millions are without power. they are states of emergency. and colorado wildfire saved lives. president obama is saying today he will spend all resources available to help
people of colorado. hundreds of residents have fled. united nations hoping to avert a all out war. more on these coming up in the top of the hour. cheatirs never win. tax cheats getting 1.4 billion from the president's stim tim program. and breaks given to first time home buyers. we are giving them more money. notion of first time home buyer credit is loony tunes. we just give money out.
there is no control down they owe back income taxes collect that money first. you can't expect the federal government to run anything right. they made loan to children and criminal necessary jail at the time they gave them the tax credit. it is it a mess that the federal government cant do right. all of those programs are terrible and they should cut them back or learn how to run them right. >> christian does it make you feel bad after the fact. it is ridiculously disappointing and lump it in
with government ineffectiveness is ridiculous. there is it a government program of 78 billion strong and 92 percent of all of the dollars to help poem buy food. it is it a less than two percent rate. >> and let me say there is tremeppedous fraud in fod stamps and cash for clunkers and 20 percent of medicare is fraud and yet we passed obama care. christian those are stats no one could survive o. you are shaking your head but it is true. when government intervoning in markets that is wealth destruction. >> there is accountability in the private sector people lose jobs and in the government, they keep them. >> you think it is it a waste of money. >> this is showing you why the government is out of control it is it so big. it is borrowing 40 cents on
the dollar to cover overhit. that shows you burrcracy and too many people and too many hands are in the pot cheril and that's why you have so much fraud because of zero accountability. >> tracey, you know the tax code better than anyone i know. >> i am fraud of that dorky fact. >> trash the code and start over. it is complicated and it is ripe for theft. get rid of it >> we are proud of you. >> christian, thank you for coming on the show. >> thank you. >> coming up. supreme court legislate the health care long live on. but will it make the stock market flat line. [ male announcer ] how do you trade?
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tracey burns. nothing and it did not help the market at all. uncertainty is still there. >> very good point. >> jobs report and it is devastating so many poem hit the pawn shop. >> that is one way to play them. >> and i think a stock i own. >> it is at stage two with the feds. and type two doib drug and headed for higher marks. johnathon. >> it seems like a tremondayous roll are coaster and why not buy's company that owns roller coasters. it is fun in fact and fun for share holders pays over five percent and strong in the charts. >> you agree with tracey. >> and i am bullish on stocks.